RENTING COULD BE BETTER THAN BUYING !!! HERE IS WHY? – BIVOCALBIRDS

1. RENTING COULD BE BETTER THAN BUYING !!! HERE IS WHY? - BIVOCALBIRDS

2. Homeownership is a lifelong dream of many Bharatians. Although it is high in the Bharat today, it wasn’t the case. Normally, you either needed to build your own homes or rent a house from someone. • Both renting and buying have their financial perks but owning a house is not the right choice for everyone. • So, in this, we will know the reasons for what makes renting more financial sense than owning a home.

3. No Maintenance Costs or Repair Bills • It is an exclusive advantage renter has over homeowners. • They don’t have maintenance costs or repair bills. • The house owner is solely responsible for all home repairs, maintenance, and renovation costs. And it can be got quite costly sometimes.

4. Access to Amenities • Luxuries like an in-ground pool or fitness center come standard at many mid-scales to upscale residential complexes with no plus charge to tenants. • If a homeowner wants these amenities, it will likely cost thousands of rupees for installation and maintenance.

5. No Real Estate Taxes • It is one of the major advantages of renting vs owning. • You don’t have to pay any type of property taxes. • Real estate taxes can be a hefty load for house owners. • And with newly built houses getting larger and larger, its taxes can be a significant financial problem.

6. No Down Payment • It is another area where renters have a better financial deal. • You might have to pay a security deposit equal to one month ‘s rent. • But, if you going to purchase a home with a mortgage, you are bound to have a sizable down payment of at least 20%. So, if you don’t have the savings to come up with a down payment for purchasing a home, renting might be a wise choice.

7. More Flexibility for Where to Live • Being a renter, you can live virtually anywhere while house owners are limited to areas they can afford to buy only. • A house in the city might be out of reach for some homebuyers, but this is not the case for renters. • Rents can be high in areas where house values are also high, you can more gladly find an affordable monthly payment than the latter.

8. Decreasing Property Value • Commonly, property values go up and down. • This may affect house owners in a big way, it will affect you less substantially. • So, in a rocky housing market, you will not as adversely affected as homeowners.

9. Fixed Rent Amount • Rent amounts are always fixed at least for the span of the lease agreement. • Landlords can increase the rent with notice, but you can budget more efficiently since you know the rent amount you have to pay. • Meanwhile, mortgages rates can fluctuate while property taxes can be raised.

10. Lower Utility Costs • Homes can differ in sizes but are typically larger than rental apartments in most cases. • Resulting in higher electric bills. • Where rental properties have a more compact and efficient floor plan making them more economical than owning a home.

11. Flexibility to Downsize • Nowadays, many people are struggling to make ends meet. • By renting, you have the choice to downgrade into a more economical living space at the end of your lease. • For the house owners, it is much harder to break free of a house due to the fees involved with purchasing and selling a home. • If they have invested a significant amount of money in renovations, the selling price might not cover these costs which will result in leaving them unable to sell or move.

12. FINAL MASSAGE Owning a home might be good over the long run. But, if you are seeking to avoid the hassles of homeownership, the costs of maintenance and the property taxes, renting might be a better choice. Of course, it depends on an individual’s lifestyle, financial condition, and whether are working or retired. If you decide to rent, do explore BivocalBirds for a wide range of rental options especially for you. THANK YOU FOR WATCHING